Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi, you don't need to do this question, just help me to check and see if I got correct for all the titles of each
Hi, you don't need to do this question, just help me to check and see if I got correct for all the titles of each section. The options of title have listed below.
Cherokee Inc. is a merchandiser that provided the following information: Amount 13,000 17 $ A A A Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases A $ 21,000 $ 14,000 $ 9,000 $ 22,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. $ 221,000 76,000 Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses $ 34,000 Administrative expenses 53,000 145,000 Manufacturing overhead Net operating income 87,000 58,000 $ Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. $ 221,000 Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses Cost of goods sold $ 76,000 Selling expenses 13,000 Administrative expenses 39,000 Variable manufacturing overhead Contribution margin 128,000 93,000 Fixed expenses: Selling expenses Administrative expenses 21,000 14,000 Fixed manufacturing overhead Net operating income 35,000 58,000 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started